Yet another bank chooses a secure future

Together with our partner company Lydsec, Keypasco are pleased to welcome our new customer – Agricultural Bank of Taiwan. They are the 17th customer to use the Keypasco Solution to provide state-of-the-art authentication to enhance the online security for their end-users.

The Agricultural Bank of Taiwan (ABT) is the only officially authorized banking institution in Taiwan that simultaneously functions as a professional agricultural bank and a commercial bank. They provide a full range of commercial banking services for retail customers. The bank assists farmers and fisherman throughout Taiwan in obtaining funds needed for agricultural production. Among their many services ABT offers consumer loans, commercial loans, mortgage loans, and deposit products.

Adaptation to modern authentication requirements

Like most banks and companies today, the Agricultural Bank of Taiwan have set ambitious goals to digitize their services. The rapid development and transition to online banking and mobile solutions however, places new demands on banks to find solutions that don’t compromise on the security for their customers.

By being open to new innovations and solutions, ABT can be at the forefront of the development and provide their customers with divergent electronic platform services and excellent eBanking services. By providing user-friendly solutions with secure authentication they can keep up a great customer satisfaction.

Keypasco’s partner company in Taiwan

Since 2012 Keypasco´s partner, Lydsec Digital Technology, have been promoting and distributing the Keypasco Solutions in Taiwan. Lydsec introduced the Keypasco Solution to the Taiwanese market to provide a convenient, high-security, and cost-efficient answer to the innumerable security threats that are out there. Thanks to their strong drive solve the problem and to provide reliable security solutions to their customers; their efforts have proven to be very successful.

“It is a great recognition of our joint hard work now that yet another bank in Taiwan have chosen to increase their digital security with the Keypasco Solution.” – Maw-Tsong Lin, CEO, Keypasco

The Keypasco Solution

To ensure a convenient user experience, Keypascos’ cutting-edge technology is working in the background to maintain the security behind the provider’s ordinary application interface. The core technology of the Keypasco solution, the collecting of device-related data – makes it possible to offer something no one else does – a risk-based authentication solution that is easy to integrate and can be rolled-out in the background to ALL end-users at once, regardless of the number of users.

In addition, the Keypasco solution provides a unique risk engine, analysing the device behind every authentication attempt to detect fraudulent behaviour, to further increase the security. Several other features also add to the security.

The micro proximity feature adds an additional level of security by appointing a dedicated micro proximity device. If this micro proximity device is not in immediate proximity to the Vakten for Desktop client the user can’t login or sign any transactions.

For an example: if device 1 is used to login to an account then device 2 (which is the micro proximity device) has to be within centimetres of device 1 to be logged in.

Our risk management analysis feature provides a risk score for each attempt done by the end user. The risk score and it´s value is determent by indicators such as correct device, proximity of additional secure devices, Out Of Band verifications, geographical locations/geofencing, previous fraud and fraud trends etc.

This analysis is improved continuously and is an active part of the service to quickly mitigate new threats.

The Keypasco PKI Sign feature is a dynamic feature that offers ICPs full support of PKI in a portable mobile device. The feature is based upon the core concepts:

a end users credentials, only known by the correct user,

a transaction can only be approved from the correct device,

a transaction can only be approved from an approved location.

We can guarantee by utilizing the PKI Sign that the signature is done by the correct user. Keypasco has invented (and patented) a new innovative way of using a users mobile device as a secure soft carrier of private keys.

An end users private key is divided into three parts: a client part, a server part, and a secret (PIN). The private keys can only be put together and sign a transaction if the end user has all three parts. The correct user is the only one who knows the secret to achieve the client part, and the server part is only achieved when the correct device and location has identified itself.

The feature does not require a Trusted Platform or a Secure Element, and Keypasco can provide the generating of keys, and verify the signatures if no established PKI CA is provided by the Internet Content Provider through an optional plugin.

Keypasco offers Internet Content Providers a way to provide user a option to sign transactions via the Desktop Client. The Vakten for Desktop client presents a window with the transaction details and asks the user to approve or deny.

This signature option is presented on the same Desktop device that initiated the attempt, but all the information is secured by the 2-channel structure.

The Keypasco product Browser Vakten is an easy and quickly deployable product tailored as an entry level product on it’s own, but comes to it’s full strength in combination with the Keypasco client Smartphone Vakten.

It doesn’t require any installation procedure on client devices; it is instead an integrated part of the web layer of the Internet Content Provider’s web site by an embedded JavaScript.

The Vakten client is installed in the end users browser to identity the device and location. This Vakten has one functionality:

Phishing: Keypasco mitigates phishing by linking the user with a geographical location and the device authentication. A user’s username and password will not work from a wrong device or location.

Man in the Middle & Man in the Browser: Man in the Middle (MitM) and Man in the Browser (MitB) attacks are mitigated by Keypasco’s 2-channel structure and the Out of band secure notifications.

Malicious Virus Control (Viruses, Trojans, etc): Viruses, Trojans, and other infections can control or replicate an end user’s device. Keypasco mitigates these threats by offering Out of Band authentication, which enables a user to regain control of devices and accounts.

Theft/Robbery: In addition to virtual threats, physical theft of a device can compromise a user’s security. With Keypasco’s proximity feature, a user’s account is safe even if a device is stolen.